Viet Nam sees opportunities to accelerate in 2024

The recovery path was evidenced by some factors, with inflation rate kept under control and key balances safeguarded. GDP growth rate touched 5.05 percent, making it among one of the fastest growing economies in the world.

In 2024, Viet Nam will not be immuned from impacts of global challenges and domestic constraints. However, the signs of economic recovery are becoming increasingly evident.

To realize the set goals, including a GDP growth of 6-6.5%, there is no other way but to put effort into economic growth. The Government is determined that the growth target will be the top priority this year, with a particular focus on promoting growth drivers; including exports, consumption; and especially investment such as public investment, private investment, and foreign investment.

The nation has also become a bright spot of the global economy with a greater focus on international investment flows, especially in the fields of high technology, semiconductor chips, artificial intelligence, and hydrogen. Despite facing difficulties in global investment, the country still was able to attract more than US$36.6 billion in direct foreign investment (FDI) in 2023, while FDI disbursement as reached a record high of US$23.18 billion.

All of these factors are creating momentum and confidence for the whole country to enter 2024 with great expectations.

Reputable international organizations have expressed high regard for Viet Nam's achievements and prospects in 2024, predicting a rapid economic recovery in the time to come.

Viet Nam has consistently improved its position in the World Intellectual Property Organization (WIPO)'s global innovation ranking, rising from the 59th place in 2016 to 46th in 2023. Fitch Ratings, a renowned credit rating agency, meanwhile, upgraded Viet Nam's long-term national credit rating to BB with a "stable" outlook./.